Monday, July 03, 2006

Trade of the Day - Pacific Ethanol Inc - NASDAQ: (PEIX)

PEIX was trading up in pre-market. I didn't buy it on the open because I figured today's low volume action could cause it to come back in. After it successfully retested the pre-market high as support, I decided to get long just as price crossed $24.00. I booked 50 % of my profit after a 1 pt. gain. Shortly after it breached the 10 period EMA (on a closing basis) on the 5 minute view, I exited the balance of my position.

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